Equities in Canada’s largest market fell on Monday, with losses broad based as oil fell and after a travel ban implemented by U.S. President Donald Trump triggered uncertainty for investors.
The S&P/TSX Composite tumbled 152.55 points, or 1%, to begin the week at 15,423.26
The Canadian dollar dropped 0.07 cents at 76.08 cents U.S.
Saputo Inc said it will make an all-cash takeover offer for the 12% of Australia's Warrnambool Cheese and Butter it does not already own, valuing the company at A$682 million. The A$8.85-per-share offer is at a 24.8% premium to Warrnambool's Friday closing price of A$7.09.
Saputo shares slid 15 cents to $48.08
CSX Corp is discussing a settlement with Hunter Harrison, the outgoing chief executive of Canadian Pacific Railway, and activist investor Paul Hilal that could make Harrison CSX's CEO. The Wall Street Journal says parties are discussing Mantle Ridge's request for more than three CSX board seats, but CSX is said to be unwilling to hand over that many seats
CP shares, meanwhile, got pummeled $2.42, or 1.2%, to $200.68.
WestJet Airlines said it turned back a passenger bound for the United States on Saturday in order to comply with an executive order that prohibits people from seven Muslim-majority countries from entering the United States. It did not say which country the passenger had come from.
WestJet shares faded 11 cents to $22.70.
RBC raised the target price on Bank of Montreal to $106.00 from $97.00 to reflect an improving economic outlook.
BMO shares collapsed $1.79, or 1.8%, to $99.02.
Canaccord Genuity raised the target price on Onex Corp to $102.00 from $100.00 reflecting Jeld-Wen's IPO debut and the implied equity value.
Onex shares dipped 64 cents to $91.08.
National Bank Financial raised the target price on Osisko Mining to $4.85 from $4 based on the recent positive exploration updates from the company’s Windfall project.
Osisko shares eked up a penny to $3.42.
ON BAYSTREET
The TSX Venture Exchange dipped 1.2 points to 808.42
All but one of the 12 subgroups were down, as energy capsized 1.9%, information technology backtracked 1.4%, and utilities fell 1.4%.
Gold proved the only gaining group, up 0.6%.
ON WALLSTREET
U.S. equities fell on Monday as a new measure taken by the Trump administration on immigration gave investors pause.
The Dow Jones Industrials thundered lower 175.1 points to 19,918.68, with Boeing and Goldman Sachs contributing the most losses.
The S&P 500 dropped 22.86 points, or 1%, to 2,271.83, with energy and financials leading decliners.
The NASDAQ plummeted 77.84 points, or 1.4%, to 5,582.94
In corporate news, earnings season continues this week as the likes of Exxon Mobil, Apple, Facebook and UPS get set to report quarterly results.
President Donald Trump signed an executive order late Friday that would temporarily bar entry into the U.S. to Iraqi, Syrian, Iranian, Sudanese, Libyan, Somali and Yemeni refugees.
In economic news, personal income for December rose 0.3% below an expected increase of 0.4%. Monday will also see pending home sales for December and Dallas Fed manufacturing for January this morning.
Prices for the benchmark 10-year Treasury note were slightly higher, lowering yields to 2.48% from Friday’s 2.49%. Treasury prices and yields move in opposite directions.
Oil prices fell 39 cents to $52.78 U.S. a barrel
Gold prices were in the green $3.80 to $1,194.90 U.S. an ounce.
